Frequently asked questions relating to Great Shelford leasehold conveyancing
I am in need of some leasehold conveyancing in Great Shelford. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and 99.9% are in Great Shelford - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I’m about to sell my basement apartment in Great Shelford.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Last month I purchased a leasehold flat in Great Shelford. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to choosing a Great Shelford conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Great Shelford conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Great Shelford conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- What volume of lease extensions have they conducted in Great Shelford in the last twenty four months?
Can you provide any advice for leasehold conveyancing in Great Shelford with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Great Shelford can be avoided if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
- Many freeholders or Management Companies in Great Shelford charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Great Shelford.
Great Shelford Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
How much is the ground rent and service charge?
The answer will be helpful as a) areas may result in problems in the building as the communal areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will want to know about it
You should want to find out as much as you can about the managing agents as they will either make your living at the property much easier or a lot more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily matters such as the cleanliness of the communal areas. You should not be shy to ask other people whether they are happy with them. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what you get for your money.